The majority of people will recognize that Ethereum is a valuable addition to the realm of cryptocurrency and blockchain. Although the system is not without its flaws, significant progress has been made over the previous two and a half years. However, when it pertains to Ethereum wallets, there is still some work to get done. Jibrel Network, a Swiss company registered in Zug, is developing the jWallet, a product whose performance extends far beyond stashing cryptocurrencies.
JWALLET INTEGRATES CRYPTOCURRENCY AND STANDARD INVESTING
For the time being, jWallet comes to the public. Anyone looking for a different kind of Ethereum and ERC20 wallet can give it a go, although one has to keep in mind the software is still in the alpha stage of development. Problems may occur, and it is not advisable to store much money in this wallet until the team releases a stable version. The competition is warming up in the Ethereum wallet division, which can only be considered to be an advantage.
Perhaps one of the most interesting feature of jWallet is support for bonds, commodities, and equities. Considering that all of this will be stored in digital form on the Ethereum blockchain, it seems the team will have a lot of “conversion” work to do. It is unclear whether they are talking about traditional bonds or new products to be issued in addition to Ethereum specifically. Assuming it is the former, there will need to be an official conversion process to turn bonds into digital assets of some kind. We will hopefully find out more about this in the future.
The jWallet is still mainly designed to store Ethereum and Ethereum-related forms of money. It is good that this business has created its own wallet, especially after it raised US$ 3 million to do exactly that. Some of its financiers include ArabianChain, the TaaS Fund, and Aurora Partners. Building a brand-new robust Ethereum wallet from the ground up is no easy feat. Moreover, given the recent issues concerning scams, phishing sites, and Parity, it is apparent there is a need for more desirable solutions.
It is pretty interesting to see assistance for fiat currencies in jWallet as well– or more specifically, tokens created by the Jibrel Network itself. Six different fiat currencies are supported: USD, EUR, GBP, AED, CNY, and RUB. It seems these tokens are designed to compete with Tether, although there are few specifics available regarding how these assets are backed. The logical explanation is that users will convert these fiat-pegged tokens for actual money, although it remains to be seen how that will work exactly.
While there are many wallets with support for multiple cryptocurrencies already, they aren’t suited for much more than that. A great deal of buyers want convenience more than anything else. This means they are less inclined to obtain a cryptocurrency wallet as well as another solution for more traditional investments. The Jibrel Network thinks that now is a good time to bridge the gap between both worlds. As an outcome, its jWallet product not only supports cryptocurrencies and digital tokens, but also bonds, commodities, and equities.
In the meantime, the jWallet’s alpha version supports the storage, transfer, and conversion of ERC20 tokens. No user data is stored by the company and it does not get a copy of one’s wallet’s private key either. Everything is stored locally, which should put a great deal of people’s minds at ease. Without any need to sacrifice security or convenience, the jWallet is a pretty interesting creature. The team does advise people to run it locally, though, or even to use the mobile app, which is also in alpha today.